Metro Denver’s average apartment rent drops at a rate not seen in decades at the end of 2022

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Metro Denver’s average apartment rent drops at a rate not seen in decades at the end of 2022
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The average apartment rent dropped from $1,870 in the third quarter to $1,838 in the fourth quarter, a decline of $32 or 1.7%

For long-suffering tenants, rent relief may be finally on its way. Average apartment rents in metro Denver fell more in the fourth quarter than they did during the worst of the dot-com bust, the Great Recession and even the early months of the pandemic, with more declines likely as new units pour out into the market this year, according to an update Tuesday from the Apartment Association of Metro Denver.

“Our market is seasonal, so it is not unusual for rents to fall this time of year,” said Cary Bruteig, owner of Apartment Insights and the report’s author. But the decline between the third and fourth quarters has averaged 45 cents, he said, so the $32 decline was extreme. A big reason for the rising vacancy rate is that developers delivered 10,992 new apartments last year, of which only 6,993 apartments were occupied or filled with a tenant. That absorption rate is at a seven-year low. More than 76,000 apartments are planned in the region with 40,000 in some stage of construction. Between 8,000 to 12,000 are expected to land this year, Bruteig said.

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